HONG KONG – Avant Meats, a Hong-Kong based cultivated meat start-up, has raised US$3.1 million in a seed funding round to fuel the commercialisation of its cultivated fish products.
The funding comes at a time when Singaporean authorities gave San Francisco based food tech start-up Eat Just a license to sell lab grown meat to its citizens.
According to Avant, it is the first cultivated meat biotechnology in China and the only cultivated fish company in Asia.
Using its patent-pending proprietary technology, Avant produces animal-free proteins for food and skincare directly from fish cells.
Avant plans to use the capital to accelerate research and development – in order to continue lowering production costs – and to bring the company’s products to market in 2021.
“We will accelerate our work with the sustainable seafood and functional protein industries to accelerate adoption of our products into existing global supply chains,” said Carrie Chan, co-founder and CEO, Avant.
Markus Haefeli, chairman of Regal Springs, one of the world’s largest responsible tilapia producer was among the investors.
The round was also participated by prominent Greater China investors including China Venture Capital, AngelHub, and ParticleX, as well as western alternative protein investors such as Lever VC, CPT Capital and Artesian.
“Avant is pleased to be partnering with strategic investors who can support us with manufacturing know-how, customer relationships, and ongoing support,” added Chan.
Markus Haefeli, chairman of Regal Springs, said: “Avant’s capabilities to cultivate animal proteins from a fully traceable system will offer additional assurance to food and skincare brands demanding the highest level of functionality, safety, and accountability.”
Driven by the need for sustainable supply chains, the global cultivated meat market continues to witness development.
In addition to the approval from Singapore for cultured meat to be sold in the country, UK based Mosa Meat also recently raised additional US$20 million in funding to be using in expanding operational capacities in its Netherland production plant.
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